Bridging loans are short term property finance which can be usually organised very quickly. They are agreed for a short period of time, usually between one and 12 months but can be for a longer period. A bridging loan, whether it is for a commercial property, land or a residential refurbishment project, is used mainly to secure purchases quickly however, a bridging loan can be used for the other purposes such as:
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Short term refurbishment projects
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Lower value development projects
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Development exit for cashflow
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Uninhabitable properties
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Auction purchases
Commercial and residential bridging loans are almost always secured against property and the amount borrowed will depend on the security available and the term of the borrowing. Much like development finance we have seen a number of specialist lenders come to market with very competitive terms on offer. You can borrow up to 100% with additional security, although most will go up to 75% of the security value. Bridging finance is an area that Wooton & Bean SLS specialise in, therefore we have access to a wide range of providers that we trust to deliver at the right price.
Your buy to let property or commercial property may be repossessed if you do not keep up repayments on your Mortgage.
